GST taxpayers will soon have the option to revise their sales return form GSTR-1 before making tax payments for a month or quarter.
The GST Council recently recommended a new optional feature using Form GSTR-1A.
This will allow taxpayers to make amendments or add extra details to their GSTR-1 submissions.
Taxpayers must file GSTR-1A before submitting GSTR-3B for the respective tax period.
Currently, GST taxpayers file GSTR-1 by the 11th day of the following month.
Additionally, businesses with annual turnover up to Rs 5 crore can file GSTR-1 up to 13 days before the quarter ends.
Expert’s Opinion
According to Rajat Bose, partner at Shardul Amarchand Mangaldas & Co –
“The council’s recommendation is a positive change for compliance, making business operations smoother.”
Abhishek Jain, head and partner of indirect tax at KPMG, welcomed the amendment facility in GSTR-1 filings,
calling it a beneficial step to rectify clerical and inadvertent errors before tax payment.
GST Council Recommendations
The GST Council has recommended that businesses with an annual turnover of up to Rs 2 crore,
be exempted from filing annual returns in GSTR-9/9A for the financial year 2023-24.
Additionally, the Council has proposed several measures aimed at easing the challenges faced by businessmen,
such as reducing government disputes and simplifying GST procedures.
